Which factor of production accounts for the highest percentage of the income that the production process generates in the United States?
A. Capital
B. Natural resource
C. Land
D. Labor
Answer: D
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Regardless of whether or not screening or signaling occurs in markets with adverse selection, the equilibrium will always be less efficient than an equilibrium in the same competitive market if there were no asymmetric information.
Answer the following statement true (T) or false (F)
One reason markets may fail to provide the optimal quantity of public goods is the problem of
A) determining what the public wants. B) nontariff barriers. C) nondiscrimination. D) free riders. E) economic integration.
In the DMP model,
A) Firms maximize profits. B) Firms determine how much effort they should put into filling job vacancies. C) Firms decide whether or not to enter the labor market by posting vacancies. D) Firms decide whether or not to retain or fire workers.
Which of the following properties is common to a partnership business?
a. Limited liability b. Centralized ownership and management c. Continuity and unlimited existence of the business d. Co-ownership of contributed assets